Prime Minister Mostafa Madbouly said on Wednesday the inflation rate decreased for the fourth month in a row and and this is very important indicator for the state.
At a press conference, Madbouly said weekly meetings on market control are being held in addition to the convocation of a committee tasked with controlling prices of basic commodities every two weeks to agree on steps to be taken to guarantee stability of prices.
He assured citizens that 2024/2025 will witness the State’s recovery of the economic crisis it has been passing through over the past years, according to a statement by the media office of the cabinet.
He said the drug shortage crisis will be resolved within three months.
Madbouly said after the first month, important chronic medications will be provided, and then the rest of the medications will be provided successively over the next three months, indicating that this fiscal year will witness an end to this problem.
About external debt, Madbouly said Egyptians are concerned about the issue of external debt, but the numbers have decreased significantly according to data provided by the Central Bank.
He said external debt at the end of last December was estimated at 168 billion dollars but it decreased on March 30 to 160 billion dollars and it is expected that by June 30 it will decrease even more than that.
The Prime Minister reassured the Egyptian citizen of the stability of the economic situation and the state’s control over the issue of debt, whether foreign or domestic one, saying the plan in this regard is clear and its goals are being fully implemented.
About increasing the contribution of the private sector, Madbouly said the Egyptian state needs to grow at large rates during the coming period, saying: “Our goal is to achieve an average growth in the first three years between five percent or six percent, and this will only happen with greater participation of the private sector.
He referred to the state’s decision to empower the private sector and accelerate the implementation of the state ownership document to increase the private sector’s contribution to the volume of public investments and create job opportunities during the coming period.
He said load-shedding program will be completely stopped across the nation as of Sunday.
We have imported big fuel shipments to ensure an end to this crisis and stop the suffering of citizens as a result of the unprecedented high temperature recorded this summer, he added.
He promised the Egyptian citizen that the government would work in full swing to completely resolve the load-shedding plan before the end of this year.
He said the volume of electricity consumption in the past period increased in unprecedented amounts, saying, “During the past few days, we exceeded the consumption of 37.5 gigabytes per day, an increase of 12 percent compared to last year.”.
He said he asked the new ministers to take all necessary precautions during the coming period as it is very likely that severe heat waves will occur in the rest of July or during August or even during the first half of September.
